the absence the beginning of the crisis the economic studies continue to support the danger of public debts which are too high and the need to cut public spending and the deficit. must be percent. the. equally month they need to meet they didn't put it that we have this fact. she said. for them in full to put it to me that i'm. while it is empty annoying it really i. mean to create it it means more ok. the three percent for example is just something that is. it's like the trinity or something to ignore scientific basis for imposing the number three on countries intelligent people. when you reject this it doesn't make sense if you do deficit spending you're not adding your stimulus you're not giving the economy drugs are you doing is you're removing a restriction so you want to think of the economy like we do as i don't pick run it that's all have to run it's it's educated it's got good capital goods behind it it's got. lots of always lots of food what you know everything you need in your economy housing clothing music production ok but then all of a sudden you put a plastic bag over the hea

c b s economic studies continue to support the danger of public debts which are too high and the need to cut public spending hence the deficit. back also for the. department. must be present oggi the least bit dowdy equally month they may be limited in that it but a gentle we have respect. for them in. their creed that it needs more ok. is just something that is the scientific it's like the trinity or something to ignore scientific basis for imposing the number of countries intelligent people. yes it doesn't make sense if you do death spending you're not adding your stimulus you're not giving the economy drugs are you doing is you're removing a restriction so you want to think of the economy with us i don't pick ron that's all for the run it's it's educate it's got good capital goods behind it it's got. lots of lots of food wot you know everything you need in your economy housing clothing music production ok but then all of a sudden you put a plastic bag over the head of the sadly he can't breathe right and so now we can't run any so what we're saying is remove the restriction. see. t

with the crisis of public debt skyrocketed as did household overindebtedness a veritable scourge that would affect one person in twenty in europe especially in the u.k. . five years ago me and my husband split up. i actually kicks my husband out and miss out a big impact on my children so i think i fell at the time there and i had a lot of making up to do to them and at the time i thought that the way i needed to make up to them was financially so i would just throw money at them and christmases i would go ridiculous find ridiculous amounts of money like thousands of pounds on stuff they didn't need and work like they'd probably play with once then go in the wardrobe so i straight away if i was stuck ten i did it i took out a loan but then one loan was not enough so i had to pay that loan back then i took another loan to pay the loan back and hold a star game bigger and the star get bigger and it was spiralling out of control. like many other british people sharon fell into the trap of easy credit with online catalogues where with a simple click one can buy all kinds of products on cr

unions in the country are even more concerned promised to cut public spending and tackle france's public debt but french police say the country simply can't afford to cut corners when it comes to france's front line security. coming right up more are to the programs and i'll see you again the thirty five minutes time with more world news this evening from moscow. here's what people have been saying about rejected in the us actually just pull on . the only show i go out of my way to you know a lot of the really packs a punch. is the john oliver of hearty americans do the same we are apparently better than food. and see people you never heard of love back to the night my president of the world bank hate him because he really. seriously sent us an e-mail . in denmark this situation is all the more disturbing in that few associations exist to accompany overindebted people some full of tears provide free counseling but mainly for those who live below the social minimum the others have to fend for themselves or call upon private specialized companies consultants since the two thousand a crisis such

the country are even more concerned macron promised to cut public spending and tackle france's public debt but french police say the country simply can't afford to cut corners when it comes to france's front line security. according to a preliminary investigation three children have died after a fire ripped through a summer camp in the ukrainian city of odessa the fire broke out in a dormitory block over night a hundred fifty young people were at the camp at the time forty eight who were in the building where the blaze took place it's believed to be caused by an electrical fault and has now been brought under control here so my witness accounts of what. remember stories are always being added literally by the minutes on our twitter page thirty. am. for a single purpose. of. training very young. rats. and they save lives. prescribe medication is widespread on the u.s. market and a frequent cause of death. like everything with my family was literally coming unglued i had planned. to commit some site. to prison so commonly used we were doing what the doctors told us to do we were being respon

promised to cut public spending and tackle france's public debt but french police say the country simply can't afford to cut corners when it comes to france's frontline security. two children died in a fire of a children's summer camp in the ukrainian city of odessa according to local police while the other child is missing several more people are said to be hurt the fire broke out in a dormitory block during the night a hundred fifty young people were at the time forty who were in the building when the blaze took place all the survivors have now been evacuated from this site it's believed to have been electrocuted fire that caused the blaze has no being brought under control you can see the firefighters through the night. if you like to know more in the story website will be covering it throughout the day and lots more. to stay with us. you seen years ago i traveled across the united states exploring america's deadly love affair with the gun bad guy trying to get to one of my family members he would have better a lot better and i think they are inheriting one of my my baby says my book

promised to cut public spending and tackle france's public debt but french police say the country simply can't afford to cut corners when it comes to france's frontline security. i would universities retracted an invitation previously sent to the u.s. military whistleblower chelsea manning to become one of its visiting fellows it said that designating her as a visiting fellow was a mistake now that announcement comes after the university was criticized by the cia director. he says harvard's offer legitimizes manning's quote treasonous actions remind the chelsea really was behind the release of hundreds of thousands of classified u.s. government documents she was charged with espionage after handing them to wiki leaks back in twenty ten and she was sentenced to thirty five years in prison that was commuted however in the last days of barack obama's presidency and she was eventually released back in may of this year. right. i have actually asked whether or not. the procedures that have been taken in terms of his confinement are appropriate and are meeting our basic standards they assured m

we are at 80% of gdp in terms of our public debt, which is not a level that is in and of itself unsustainable. if we go down this path for in termsn the future, of these entitlement programs and not enough tax revenues to pay for it, we are going to see changes in the rates that people demand for borrowing from the u.s., and that will drive up interest cost higher and crowd out other spending even more. the dynamics going on right now are not sustainable. i think what it is going to take for policymakers to act public attitude to change, because they are responding to the fact that the entitlement programs are extremely popular, and raising taxes is not popular. those two dynamics make it difficult to make a dent in our fiscal picture without having votedcians who fear being out of office immediately for making those decisions. those incentives are not aligned for significant progress. what is a continuing resolution, and why is it necessary? is a piece of legislation that funds the government at current levels. if congress is operating under normal procedure, then it has separate appropriati

the country are even more concerned macron promised to cut public spending and tackle france's public debt but french police say the country simply can't afford to cut corners when it comes to france's frontline security. people like a reporting there and i three children have died after a fire ripped through a summer camp in the ukrainian city of odessa it broke out in a dormitory block overnight one hundred fifty young people were at the camp at the time and forty two were in the building where the place to place according to an initial investigation the fire was caused by an electrical fault and has been put out there were some eyewitness accounts of what happened. you're watching international don't forget you can i keep cross all the stories today at all website say at r.t. dot com we'll have more news in thirty five. they're bred for a single purpose. they have a superpower. they start training very young. eight months of intensive schooling. their rats. and they save lives. the international community continues lee emphasize about one theoretical united iraq as a slogan maybe an app

macron promised to cut public spending and tackle france's public debts but french police say the country simply can't afford to cut corners when it comes to france's front line security. investigations underway after twenty thousand german football fans stormed central london last night to watch their team cologne take on arsenal more on the peter oliver. this was supposed to be a day of celebration for cologne f.c. and for their fans it was the first time in twenty five years that they played in a european it time they drew arsenal in the europa league group stages and were playing the first of their games in london well f.c. cologne took twenty thousand fans there despite there being less than three thousand tickets for the game allocated to them it became clear very early on on thursday that there was going to be some kind of problems huge crowd twenty thousand as i say or so marching through central london it stopped traffic there were some scuffles some punches thrown what police have referred to as minor incidents like flares being set off but at the stadium then became very clear

unions in the country are even more concerned promised to cut public spending and tackle france's public debt but french police say the country simply can't afford to cut corners when it comes to france's frontline security. first he has retracted an invitation for chelsea manning to become a visiting fellow it says the offer made to the former military intelligence analyst and whistleblower was a mistake but all the trouble over this denouncement comes after the director pulled out of a planned appearance at said university because of the proposal he says harvard's offer legitimizes mullings quote treasonous actions chelsea money was behind the release of course of hundreds of thousands close of. the u.s. government documents she was charged with espionage after handing them to wiki leaks in twenty ten and sentenced to thirty five years in prison over a law that was commuted in the last days of barack obama's presidency she was a venture the release back in may of this year is more of a potted history. of the law. after her invitation to become a visiting fellow was withdrawn than manning ca

unions in the country are even more can sund promise to cut public spending and tackle france's public debt but french police say the country simply can't afford to cut corners when it comes to france's front line security. well lots more stories at the top of the hour with drew farber stay with international this sunday evening here. desperate for a single. day of a super. star training very young. eight months of intensive school. rats. and they saved lives. len well you know the pirate thing we've kind of adopted because we were called pirates along. i mean they're in the small bold snakes it hard pulling sheep and it's scary. the little self to be told fish already ninety percent of the dot and it won't become please. come to fifteen school. tongues to do it several times a day with a big fleet so now you get an idea of why. we have to understand we can not stay still would just. be with this the business deal for you because our players doing this because i want them for the future lead to future generations to have and enjoy the ocean how we play. league. this past weekend you probabl

unions in the country are even more concerned promised to cut public spending and tackle france's public debt but french police say the country simply can't afford to cut corners when it comes to france's frontline security. reporting that thanks from with us tonight we'll have more news from headlines in half an. espresso for a single. day a super. star training very young. eight months of intensive school. wraps. and they save lives. prescribe medication is widespread on the u.s. market and a frequent cause of death at the point in my life. like everything was ashes my family was literally coming unglued i had planned. to commit some sight was all who was made antidepressants so commonly used we were doing what the doctors told us to do we were being responsible and what the real side effects. was. what i did was done on a cocktail of legal drugs. just because something's legal doesn't mean it's sick. i am max kaiser this is the kaiser report oh my god we're just in hurricane erma my hair's a mess you know they've got sharks coming down now what the hurricane like sharknado my favorite pict

of the conservative finance minister, balancing the books and paying down the debt, reducing the public debtt everyone in the social democrat party would support that, but he also took the opportunity to score points against chancellor merkel. let's have a listen to him doing that right now. >> in four years time i also want to have invested in schools, nurseries, and an infrastructure. if this country continues to follow angela merkel's lined everything we will be fine, we will continue living off our capital and in four years time we will be worse off than today. brent: simon, if you watch schulz, he looked comfortable in this format. we're last week german chancellor angela merkel did the same kind of format on television. she got great reviews. when the dust settles, who do you think will have done better in this format? simon: it is hard to say. they both have different styles. angela merkel is always very detailed and sober in her responses. martin schulz is a man who tries to find a level with the person asking the question and show how well he understands what they are going through

with the crisis public debt skyrocketed as did household over indebtedness.

the island was already rocked from $70 billion in public debt that forced it into bankruptcy four months before the storm and president weighed in on twitter this week noting quote, puerto rico was already suffering from broken infrastructure and massive debt. much of the island was destroyed with billions of dollars owed to wall street and the banks which sadly must be dealt with. on thursday the white house temporarily waived the jones act to expedite aid and try to get help to the island. it's an archaic law requiring u.s. ports trading with one another to move goods only on american owned ships manned by u.s. citizen for an island like puerto rico, this means higher prices for everything. >> this has been depressing their economy for years. >> all sorts of nonsense on twitter. we understand it really, really well. it's a remarkably protectionist measure which sounds like a great idea unless you live in alaska, hawaii or puerto rico. the u.s. virgin islands where you went right after the storm, food cost twice as much food that is brought in from mainland america costs twice as much i

david: are we seeing a move out of public markets, equity and debt?al, some people have gone into private places. >> indeed. on of the interesting dynamics was allocation to private credit markets. come in,t spreads have rates have not gone up. a lot of clients are allocating to private credit. david: there is no longer an appetite for basic sovereign yield set 2%, 2.5%? i'm trying to understand how this low inflation, low yield environment is affecting wealth. today have more risk appetite, or is it something they were not think of touching? are allocated. and you talk about family offices in asia or elsewhere, they are reasonably allocated in credit. all incremental allocations are going to private credit. they are not investing into rates. means i singled to low double digits, something you cannot get in public debt markets, certainly not sovereigns. david: talk to us about china, the newly minted rich there. years back, we would be talking with the big exporters, production houses. we have this newly minted younger entrepreneurs. what kind of inve

inflation, and secondly we could see a sell—off of government bonds, notably in italy, which has a huge public debte before next may, where that could have disastrous financial and political consequences. we are running out of time, but you mentioned the elections and events in italy. we have also got the german election coming up in a few weeks and we have got brexit. all of that context in which mario draghi has got to walk the tightrope. very difficult. sure. german elections and there has always been pressure in germany, where they don't like quantitative easing, and there economy is doing well and there is pressure from them and their allies to wind down sooner rather than later. thank you for your time. we are going to be all over this, so when we get any newsman ecb and that press co nfe re nce when we get any newsman ecb and that press conference that follows after them on a trip to the announcement, we will let you know what is going on. “— we will let you know what is going on. —— the monetary cnn announcements. let's take a look at some of the other stories making the news. president tru

we are at the end of the road here with public debt of the government about 76% of the gdp. surprise, yet there's polarization in d.c., more partisan and all that. a surprise that we haven't seen a fiscal policy in about eight years, basically. we are highly leveraged, people in a d.c. know it. the capacity, you are seeing it play out in all of these debates are having. why is it so hard? one of the issues is we are highly leveraged, and they are aware of it. they don't have a lot of room to increase debt to gdp further. the last eightr years, most economic policies and voluntary policies, not just in the united states, most of the western world. banker, you think of them fond of monetary policy, there are limits. monetary policy is interest rates and use of our balance sheets. it's not structural reform, was an example of structural reform? skills training, immigration , infrastructure spending. we are at the stage of our development where monetary policy alone isn't going to do the trick, but we are highly leveraged. the challenge is how do you make other physical policies

public debt, public government, about 70% of gdp and entitlements that we said 46 trillion. it is not a surprise with this polarization in dc and more partisan and all that, but there is one of the thing going on. it is not a surprise we have not seen fiscal policy in about eight years. it is because we are highly leveraged. people in d.c. know it, the capacity -- and you are seeing it play out in all of these debates with health care, tax reform and all that. why is it so hard? one of these issues as we are very highly leveraged and were very aware of it, we don't have a lot of room to increase gdp debt. that is why it has been monetary policy, not just in the united states, but most of the western world. it has been mainly monetary policy. banker, and you would think i'm fond of the monetary policy. policy is interest rates and use of our balance sheet. it is not structural reforms. what is the example of structural reforms? skills training, immigration , and infrastructure spending would be in the mix. we are at this stage of our development where monetary policy alone wi

the government originally planned to use the bulk of that to pay off public debt, but with the election in mind, abe said he will redirect $20 billions t be spent on providing free education and parenting support. the large opposition group, the democratic party, has stressed that all of the tax hike revenue should be spent on public interests. another upcoming opposition force, the party of hope, launchedyesterday by a governo has said the tax hike should be postponed indefinitely many say the timing of the election shows abe's confidence of a win in a three-day opinion poll conducted through sunday by the nikkei, 44% of respondents said they plan to vote for the ruling ldp followed by 8% for the two main opposition parties. 465 seats are up for grabs, abe declared he will resign if he's unable to reach a majority that's all from the nikkei back to you. >> thank you very much for that. >>> still coming up, nestle's ceo holds his first investor seminar with daniel loeb watching closely we'll have more on a high stakes day for nestle after this short break. your brain is an amazing thing

we will talk about california's public pension debt. >> bernie sanders is back in the bay area with a big pitch. the former presidential candidate is pushing a complete overhaul in the nation's healthcare system. joining us now to talk .about public pension in california standord professor joe nation... >>> joining us to talk about public pensions in california is stanford professor joe nation. thanks so much for being here. >> how are you? >> i am great. you convened this event last week at stanford. why? >> we want to make sure people understand the basic math. this is really basic math. in fact i think governor brown called this 5th grade arithmetic. it's not quite that simple but it is simple. we want to realize the severity of the problem. this is the most challenging issue facing state and local government not just in california but across the country. >> a couple years ago the governor was talking about pension reform. mayor lee was talking about pension reform. it seemed to be everywhere. what happened? >> one of the problems is you need legislature to lead on this. the legisl

the sense of strength of the country or structure and conditions, italy more savings, but more public debtom a political point of view what we need is a low in order to have more stability. italy is a country with a lot of rich people and rich people generally do not want to take risk or take political sides. in the end, there will be some compromise at the end of the elections. i am not worried at all for the situation. >> do investors still ask you about the banking system and loans, or is it by and large fixed? >> we are at a turning point. we have actually turned the corner. stocks are declining. as you know, the critical cases have been dealt with, so we are approaching normality which means the banking sector will start funding the real economy. >> with the election of president macron and now with the germany, do you believe we will face a more integration in europe? >> this is what europe needs. there is a rich agenda out there and italy is working hard with other countries, with france, germany and spain to develop an agenda and push it forward appeared >> what does that ford. >>

he said if the jones act did not exist neither would the public debt he said the u-boats are gone them of the jones act does not protect anyone and it is choking the economy of puerto rico if the united states has any interest in the hurricane battered people of puerto rico t needs to take the law off their necks and now. he goes on to say this is not just about the hurricane, but if you get rid of the jones act t will help consumer prices fall by 10%, 20%. energy prices plummet. real unemployment is 25% there i wasn't that familiar with the jones act. it's a powerful argument which is that in >> "new york times." >> well worth a look we're approaching the top of the hour the team is getting ready for "squawk box. andrew has a look at what's coming up. >> you missed the best top read of the whole day >> oh. what is today? >> tuesday >> shoot called us out. >> i don't understand why i'm on >> yes, you do you have the great three hours to come. >> i'm going to do it, since you didn't because it's such -- it is -- i don't know who wrote it. there's a guy, deal book column today. exbanker

as derek just said, we are at the end of the robe here with public debt of the government about 70 parsecs percentage of the gdp we just said 46 trillion is not a surprise and yes there is polarization in dc and there's more partisan in all of that but there's one other thing going on and it's not a surprise that we haven't seen the fiscal policy and about eight years, basically. it's because you're highly leveraged and people in dc know it and the capacity and you are seeing it play out on healthcare and tax form and why is it so hard and what is -- one of the issues is we are highly leveraged and they are aware of it we don't have room to increase debt to gdp further. this is why this is been military policy in the last eight years, not just in the united states but in the western world. you would think i would be fun of monetary policy but there' there's -- by the way, it's interest rates and use of our balance sheet. it is not structural reform and what is an example of an extraction of reform, skills training, immigration policy and infrastructure spending would be an example of struc

not in strength of the country, public -- italy, more saving, but more public debt. really is a country with a lot of rich people and rich people generally don't want to take risk. there will be some compromise at the end of the election. not to worry for the italian situation. francine: in five months, you are unveiling a new plan for bucket is some pablo. specificocusing on things? carlo: we have already consider the possibility to make a , considering the potential to be working on our portfolio business unit, especially on web management. web management remains the main saner for some pablo -- pablo. also, we want to become number one in the insurance business because in life insurance, we have demonstrated number one. four years,ecome in number three and index for years, number one in italy. will be a reduction of cost, so my expectation is we can have very good results for the group. francine: you wouldn't be looking at another insurance company? generally point is, there is the possibility to create generally within the san the -- atork, making the end, it is

its public debt ballooned to $74 billion, legal fights between creditors are ongoing.o is going to need help from the federal government to shoulder the massive recovery effort. joined by an expert on disaster recovery, michael brown. mr. brown, for folks who might not be familiar with this island that want to put it in perspective, puerto rico's population and puerto rico's size because context is important, population, 3.4 million people roughly. again, a reminder to some it is a u.s. territory, large eflt city population somewhere around 347,000. the territory's total population been decreasing since 2004. most of the island mountainous, how prepared was puerto rico for something like this? >> well, actually not much you can do to be prepared for something like this. when you think about the fact as you just described the island, craig, i heard your previous reporter talking about maybe 6,000 people evacuated, which always raises the question if you're stuck on an island, where do you evacuate to with the storm the size of maria that from all of the reports that i'v

as a safe haven, the dollar as a safe haven leading us to , pile up a tremendous amount of new public debt, creating huge deficits, even before the crisis had started, if that has, or is sort of picturing great inflation in the future, because of obviously, a dollar without confidence leads to inflation? host: thank you very much. let me first see how many questions there are and whether we should collect questions or not. bob, please respond? samuelson: that is a good question. i do not at the answer to that. i am 63 years old. i've been covering economics since the early 70's. i've been hearing since nearly early 1970's there was going to be a dollar panic, except in the late 1970's when the value of the dollar became an -- became untrustworthy, there really has never been a dollar panic. it might occur tomorrow morning, for all i know it is occurring right now, it is not something that can be predicted by models. it is a psychological and political as well as an economic phenomenon. i do not like the idea that we are engaging or likely to engage in the massive deficit spending just beyo

japan has a huge amount of public debt, still running a big fiscal deficit, and the population is aging like crazy. when they were anticipating their retirement, they save a lot, but once they were in retirement, they began tod dis-save. i agree with what the others have said. are aginguntries that most rapidly are korea and singapore. is will see that the effect that as people retire, current-account surpluses will go down. with china, i agree that they should develop their social safety net system more. -- i agreeize it very much with the japanese precedent. i think it has already happened. in the 80's, when everyone was so upset about the japanese we economists gave the same speeches about national saving and investment, and audiences were skeptical. it seemed so abstract. the reason japan is running such large current-account surpluses and trade surpluses had to do with semiconductors and trade negotiations, and we can't believe it's driven by savings and investment. the time wasn at that japan was the most rapidly aging country in the world. as they aged and retired, the current-ac

the balance sheet, in fact, since the fedhasn't been buyin has been declining as a result of public debter central banks are still buying and will be for quite some time. it is true, the runoff will start slowly it will eventually ramp up according to the fed's plans where it reduces the balance sheet by as much, guys, $50 billion per month. many, melissa, said we'd never get here >> thanks, steve liesman for more, let's bring in tom, as well as jpmorgan anastasia guys, good to have you with us anastasia, i'll start out with you. steve laid out two camps slow motion train wreck -- >> i wouldn't call it boring because it is a historic phase out of stimulus, but that said, we do know what the details are going to be. so, if we think about the phase out from the treasury perspective, you could not reinvest $12 billion over the next two months. that is a pick up in supply that would have to be absorbed by the rest of the public markets, but it could be. we are in the camp that rates will rise as a result of that, but now going to be a tape or tantrum experience >> the biggest trade ever put

about china has much as i'm concerned about japan, because japan has got this huge amount of debt, public debt. they're still running a big fiscal deficit and the population is aging like crazy. you would imagine that in the same way as when they were anticipating their retirement, they saved a lot, but once they're in the retirement, they begin to dis-save. so you could get big movements in the japan over the next few years. >> jeff. >> i agree with what the others have said. two countries that are looking forward aging the most rapidly in the world are korea and singapore. i think you would see the affect that as people retire the savings rate will go down and current account surplus will go down. on china, i agree with anne. just to crystallize it, i agree very much with the japanese, with the press sent. and i think it's already happened, desmond. in the '80s when everybody was so upset about japanese surpluses, we gave the same speeches. audiences were skeptical. it seemed so abstract. but surely the reason japan is running surplus has to do with semiconductors and trade negotiations. we